If signed into law, the measure will head off uncertainty and legal fights around some $16 trillion of LIBOR-linked deals that may survive beyond June 2023.
The U.S. Justice Department started a task force focused on enforcement of sanctions and export control restrictions imposed on Russia for its invasion of Ukraine.
Fed Chair Powell told the House Financial Services Committee that he backs a quarter-point interest-rate hike this month, and he didn't rule out a larger move in the near future.
"Technically it might be difficult to pay," as platforms that typically facilitate transactions have closed access to Russia, as a result of the invasion of Ukraine.
"The ruble has ceased to be a freely convertible currency with the sweeping sanctions. In terms of currency policy, this throws Russia back to the early 1990s and the time before the country's comprehensive economic opening."
